DeepOcean Reports New Frame Agreement with Statoil

DeepOcean and Statoil plan to enter into a frame agreement for survey services both on and outside the Norwegian continental shelf, according to DeepOcean. The services will include seabed mapping, pipeline inspections, trenching support, construction and pipelay support.

The agreement will give Statoil the opportunity, if required, to award ROV and survey work to DeepOcean, and DeepOcean will perform such work, subject to availability, based on the terms in this agreement. DeepOcean will provide resources such as DP support vessels, ROVs as well as survey and subsea equipment and personnel when required by Statoil.

The agreement will be effective from 15 March 2007 until March 2012. Statoil has the option to extend the agreement by 2 times 2 years.

"We are delighted to be able to continue the long relationship with Statoil within the ROV and survey segment of the subsea industry," said Kare Johannes Lie, DeepOcean's CEO. "DeepOcean see this as a unique opportunity for our new ROV and Survey vessel Edda TBN and the new developed workrov, 'Surveyor,' to be delivered in the end of this year."

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